Daily Market Update 5/2/16

Mortgage rates held steady Monday as newly released economic data came in close to expectations.  This morning, March Construction Spending rose 0.3%, a bit less than expected, but February figures were revised higher.  The Institute for Supply Management manufacturing index fell to 50.8, below the consensus forecast of 51.5.  Readings above 50.0 indicate expansion in the manufacturing sector.  No other key data will be released today.

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